Using Crowdsourcing To Find Errors On Credit Card Statements

BillGuard uses “collective vigilance” to identify and alert its users of hidden fees, double charges, fraud and scams on their credit card statements. This is particularly useful because while credit card companies offer fraud protection, the other charges have to be spotted by card users.

BillGuard works by alerting users via email when a shared charge on a bill is flagged by another user of the service. For example, if I flag a charge from an electronics shop, you will be alerted if you have the same charge on your bill. In addition to crowdsourcing, BillGuard’s proprietary software also monitors the web for credit card complaints and analyzes millions of bank transactions.